The business of Underwriting

[Wilcox69]

Insurance companies protect individuals and organizations from financial losses by assuming billions of dollars in risk each year - risks of car accident, property damage, illness, and other occurrences. Underwriters decide if insurance can be provided and under what terms. They are needed to identify and calculate the risk of loss from policyholders, establish who receives a policy, determine the appropriate premium, and write policies that cover this risk. An insurance company may lose business to competitors if the underwriter appraises risks too conservatively, or it may have to pay excessive claims if the underwriting actions are too liberal.

With the aid of computers, underwriters analyze information in insurance applications to determine whether a risk is acceptable and won’t result in a loss. Insurance applications often are supplemented with reports from loss-control representatives, medical reports, reports from data vendors, and actuarial studies. Underwriters then must decide whether to issue the policy and, if so, determine the appropriate premium to charge. In making this determination, underwriters consider a wide variety of factors about the applicant.

Among the companies in US providing this service is the Deep South Holding. Deep South Holding, led by David Disiere as its Chief Executive Officer has constantly responded to these changes through innovation in product offerings, organization and technology. The company has consistently provided the customers with a diverse product range to become a leading provider of insurance services